Engie, EQT Are Among Bidders for Solar Firm Photosol
(Bloomberg) -- Private equity firm EQT AB, Credit Agricole SA’s insurance arm and energy giant Engie SA are among the companies bidding for French solar farm developer Photosol SAS, people familiar with the matter said.
The closely held company could be valued at more than 400 million euros ($451 million), said the people, asking not to be identified because the information is private. It has also attracted non-binding offers from Antin Infrastructure Partners SA and Australia’s Macquarie Group, said some of the people. Sale talks could still fall apart or another bidder may emerge, they said.
Representatives of Antin, Engie, EQT, Macquarie, Credit Agricole Assurances and Photosol declined to comment.
Clean-power assets are increasingly in demand as the world strengthens environmental rules to fight global warming and promote the green-energy transition. To become carbon neutral by 2050, France will need to invest heavily in solar, wind and other low-carbon energies to replace fossil fuels and aging atomic power stations, according the country’s grid operator.
Paris-based Photosol has more than 400 megawatts of solar farms in operation or under construction, with a pipeline of projects in both France and the U.S., according to a statement posted on its website last month.
Engie, a gas and power utility that’s seeking to reduce its dependence of fossil fuels, aims to boost its wind and solar operations almost fivefold by 2030. This month, it teamed up with Credit Agricole Assurances to buy Spanish wind developer Eolia.
Sweden’s EQT is buying Spain’s Solarpack Corporacion Tecnologica SA., while Antin said last month that it has acquired a majority stake in U.S. renewable operator Origis Energy. On Nov. 19, Macquarie’s asset management arm agreed to buy 90% of Apex Energies, a small French solar farm developer, for an undisclosed amount.
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